Flutterwave says it has obtained a Payment System Licence from the Bank of Zambia, allowing the Nigerian fintech to expand its digital payment solutions in the southern African nation.
“Receiving this licence is a key moment for us as we continue to expand our payment solutions across Africa,” Flutterwave says in a statement. “This licence allows us to operate in Zambia, offering innovative payment solutions that make it easier for Zambian businesses to accept payments from their local and international customers using their preferred payment method.”
Flutterwave cited Zambia’s evolving digital landscape as a major opportunity, projecting the country’s digital payments market to reach $6.7 billion by 2025.
Flutterwave: Zambia’s digital landscape, a major opportunity
The licence enables the Nigerian-founded fintech to process local and international payments through multiple methods including cards, mobile money (Airtel Money, MTN, Zamtel), Apple Pay, and Google Pay.
Flutterwave says that businesses can also handle single and bulk payouts in Zambian Kwacha to employees and partners.
Flutterwave cited Zambia’s evolving digital landscape as a major opportunity, projecting the country’s digital payments market to reach $6.7 billion by 2025.
“More than 63% of the population is under 25, creating a vibrant, tech-savvy demographic that’s shaping the demand for innovative, technology-driven solutions like digital payments,” the company says. “With more than 16 million mobile subscriptions and 32% internet penetration, Zambia is on the path to becoming a prominent digital leader.”
Founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, Flutterwave has grown into one of Africa’s most valuable startups. The company reached unicorn status in 2021 with a $1 billion valuation, and later secured a $3 billion valuation in 2022 after raising $250 million in Series D funding.
The Zambian expansion adds to Flutterwave’s growing continental presence. The payments processing company currently operates in over 35 countries and supports over 150 currencies in more than 15 African countries including Nigeria, Kenya, South Africa, Egypt, and Ghana.
In April 2022, Flutterwave received a switching and processing licence from the Central Bank of Nigeria (CBN), allowing it to facilitate transactions between financial service providers, merchants, and customers.
“We have the payment infrastructure and reach to help Zambian businesses seamlessly process payments and grow,” the company says. “Since its inception, Flutterwave has helped businesses of all sizes such as Uber, Audiomack, and Chipper Cash, to process over 800 million payments worth over $35 billion.”
Flutterwave’s services in Zambia will include payment collection, payouts, API solutions for website integration, a dashboard for monitoring transactions, invoicing, and payment links for accepting payments in over 50 currencies.
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